The Economics of the “Return Trip Effect”

Have you ever walked to a particular location, say a friend’s house, and found that the walk actually was a lot farther than you had expected making it quite the unpleasant walk? But, you found that on the way back the walk seemed to go by much more quickly? There’s a scientific name term for this. It’s called the “return trip effect” (RTE). Continue reading “The Economics of the “Return Trip Effect””

Austrian Economists Don’t Look At Markets Like Mainstream Economists Do

For one to think that free market economics rests on the assumption of perfect competition is a blatant misunderstanding at how free market economists, particularly from the Austrian tradition, view markets, in general. So, let’s try and clear that up.

Continue reading “Austrian Economists Don’t Look At Markets Like Mainstream Economists Do”